Standard Parking plans merger with Central Parking

DougCameron

Standard Parking Corp.
STAN, -0.44%
announced plans Wednesday to acquire larger rival Central Parking Corp. in a deal that would create the U.S. market leader at a time when many governments and businesses are looking to outsource or privatize their garage services.

Chicago-based Standard Parking is offering a mix of stock and cash for Central Parking from its private equity owners in a deal that would boost the number of spaces it operates to 2.2 million from 1.2 million, with combined revenue last year of $858 million.

The proposed deal, structured as a merger, adds Central Parking's portfolio of 1 million spaces at standalone garages and high-profile contracts to manage parking at the Waldorf Astoria hotel, the new Dallas Cowboys' stadium and airports including Los Angeles International and San Francisco.

Standard Parking is offering 6.16 million of its own shares--worth $112 million at Tuesday's price--and $27 million in cash in three years, with its own stockholders assuming 72% of the enlarged entity. It would also assume $210 million in debt.

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